Insurance
Plans to increase market share using product innovation, process
automation, customer engagement and social responsiveness:T
he digital strategy of Universal Sompo
General Insurance (USGICL) has
been created and implemented well
in 2018-19. The insurer has implemented
a number of technologies to facilitate
business and speed up the communication
customers. It has implemented chatbots,
an aggregator platform, a banking
interface, live streaming and a business
intelligence tool. As a part of digital strategy
enhancement, the current plan for FY
2019-20 includes AI and ML predictive
analytics, RPA and WhatsApp integration.
It had circulated a feedback form among its
customers and received a positive feedback
acknowledging the effectiveness of the
digital strategy initiative. The business has
grown 3-fold in the last 4 years.
Anupam Singh, DGM, IT at the
company, says the total business acquired
by the company from all online applications
and platforms is approximately 15% of the
total, amounting to `4.2 billion.NEW PRODUCTS
Universal Sompo General Insurance is
offering long term coverage for motor
products. “During FY 2018-19, we have
filed and received approvals from IRDAI
for 16 new products, 8 CSC products, 17
PoS products and 61 add-ons. As part
of our continuous efforts towards rural
development, we have introduced 8 new
products through the Common Service
Centre (CSC) channel, which enables us to
explore the untapped rural market along
with enabling digital initiative, which aims
to empower rural population in India. Thus,
we are improving insurance penetration by
reaching to the furthest corners of India,”
says Anupam Singh.DISTRIBUTION: AGENCY PORTAL
For the last financial year, business garnered
through online channel is 15% of the total.
The agents and distributor channels of the
company have been integrated into the digital
strategy under an ‘agency portal’. “All the
intermediaries, brokers and agents are nowable to punch policies for the major LOBs
through a dedicated platform where the
policies are issued on real time basis and this
is synced with the core system for the major
LOBs like motor, health, travel, WC, office
package, shopkeeper package and specific
marine products,” says Anupam Singh.DEPLOYING ANALYTICS
The company is gainfully using analytics to
increase business by sharing different MIS
reports with crucial decision makers. It is also
using predictive analytics tools to generate
reports and showcase business growth as
well as understand opportunities. Explains
Anupam Singh: “This helps our marketing
and sales teams in generating leads to
increase premium bucket by upselling and
cross-selling, which eventually increases
our profitability. We also offer chatbots for
the convenience of the customers, we have
mobile apps and an interactive corporate
website, which all we feel have helped to
enhance customer experience.”MAJOR VENDORS
The company has several leading IT
companies as its service providers.Anupam Singh says it is using TCS’ Genisys
Configurator, date warehouse system of IBM
(IBM Cognos). Deloitte is advising it for Sun
System. Vendors are normally selected on
the basis of recommendations of the OEMs
to provide updates for existing technology
tools. This ensures that the company is
able to keep pace with the latest technology
trends and devices. Says Anupam Singh:
“For the last FY, our opex for IT was of `20
million and capex was `30 million, which
have increased by `10 million and `20
million respectively for the current FY.”
The company sends its employees for
external training conducted by National
Insurance Academy, Pune and Institute
for Development and Research in Banking
Technology, Hyderabad. It has some 45
people in its IT team, who together handle
applications, infrastructure, digitization
and security.SOCIAL MEDIA PRESENCE
Universal Sompo is present on major social
media platforms like LinkedIn, Facebook
and Twitter. It also runs special campaigns
like Women’s Day, National Road Safety
programs. It has also created awareness
programs in relation to natural calamities.
Says Anupam Singh: “We try to educate our
customers about our offerings and products
through social media platforms. I believe our
market share can be increased using product
innovation, process automation, customer
engagement and social responsiveness.”NEW INITIATIVES
The company plans to IT and digital
initiatives in the realms of eCommerce,
artificial intelligence, RPA, workflow
management system for operational
activities, WhatsApp, personalized
marketing, predictive analytics and
middleware. Anupam Singh says the
intention is to provide cutting edge
technologies to enhance business,
understand the needs of the customers and
the various upcoming trends in the market.
[email protected]Anupam Singh indicates that
USGI will be able to provide
cutting edge technologies to
enhance its businessUniversal Sompo grows 3-fold in 4 years